“generation precariat”

 The median gross weekly wage of someone aged 18 to 21 has fallen by almost a fifth in real terms since 1997, while last week, the Office for National Statistics said that average wages in Britain had fallen at the fastest rate since 2014.

According to chartered financial planner Rosie Hooper, young people face a “triple whammy” of tax increases, with a portion of any wage rises they are able to negotiate disappearing before they are paid.

 Dubbed “generation precariat” (that is, they are living precariously without security)– typically rents and earns less in real terms than those who were young adults in the late 1990s.

The cost-of-living crisis is biting across the generations, but the under-30s are likely to be among the hardest hit. A recent report from the Intergenerational Foundation thinktank suggested the age group will bear the brunt of Covid and the health and social care levy. 

In common with other workers, they face rising prices and bills. But those with student debts face another cost – millions can expect higher bills on student loans next year after the government froze the thresholds at which repayments start.

Under-30s pay the highest price for the UK’s cost-of-living crisis | Household bills | The Guardian